External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

<p>India Cements (ICEM)'s 2QFY22 result was in line with our estimates, although earnings were under pressure due to higher costs. The lower base of last year aided volume growth of 12% YoY; this was offset by a 13% YoY increase in opex/t, leading to a 49.2% YoY drop in blended EBITDA/t. We maintain our FY23E/FY24E estimates and Neutral rating on the stock as valuations at 12x/9.3x FY23/FY24E EV/EBITDA appear expensive.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

India Cements (ICEM)'s 2QFY22 result was in line with our estimates, although earnings were under pressure due to higher costs. The lower base of last year aided volume growth of 12% YoY; this was offset by a 13% YoY increase in opex/t, leading to a 49.2% YoY drop in blended EBITDA/t. We maintain our FY23E/FY24E estimates and Neutral rating on the stock as valuations at 12x/9.3x FY23/FY24E EV/EBITDA appear expensive.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volumes grow on lower base, but profitability under pressure

<p>India Cements (ICEM)'s 4QFY21 EBITDA came in 4% below estimate due to higher costs. This was partly attributable to higher selling in the faraway markets of East and Central, which offset weaker demand in South the company's core market. Capacity utilization stood at just 57% in FY21. Net debt declined 15% YoY to INR30.0b in FY21 as the company repaid INR5.3b worth of debt on strong OCF and negligible capex. We raise our FY22E/FY23E EPS by 5%/17%, factoring in lower interest costs from deleveraging as the company continues to delay its capex plans.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

India Cements (ICEM)'s 4QFY21 EBITDA came in 4% below estimate due to higher costs. This was partly attributable to higher selling in the faraway markets of East and Central, which offset weaker demand in South the company's core market. Capacity utilization stood at just 57% in FY21. Net debt declined 15% YoY to INR30.0b in FY21 as the company repaid INR5.3b worth of debt on strong OCF and negligible capex. We raise our FY22E/FY23E EPS by 5%/17%, factoring in lower interest costs from deleveraging as the company continues to delay its capex plans.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Deleveraging to continue in absence of capex

India

India Cements Limited manufactures different varieties of cement and clinker. The Company also manufactures and exports textiles.

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India Cements (ICEM IN)

Volumes grow on lower base, but profitability under pressure

India Cements (ICEM)'s 2QFY22 result was in line with our estimates, although earnings were under pressure due to higher costs. The lower base of...

Motilal Oswal

Deleveraging to continue in absence of capex

India Cements (ICEM)'s 4QFY21 EBITDA came in 4% below estimate due to higher costs. This was partly attributable to higher selling in the faraway...

Motilal Oswal

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